West Coast Bank (Nasdaq: WCBO) is now offering customers the Coinstar line of popular gift card, prepaid wireless, cash card, and phone card products.
"We are excited to be one of the first banks in the country to offer this line of branded prepaid products in our branches," said Robert D. Sznewajs, West Coast Bank President and CEO. "These stored value card offerings are consistent with the company's payments system strategy of providing innovative financial solutions to customers visiting our branches."
Included in the product line are gift cards from top food, entertainment and retail businesses such as Chili's, Borders, Starbucks, Circuit City, AMC Theatres, KB Toys, and Timberland. West Coast Bank will also offer Green Dot debit cards, the most widely distributed prepaid cash card product.
The gift card market, one of the fastest-growing areas in stored value, is expected to reach to $100 billion by 2010, up from about $69 billion in 2005(1). Gift cards create a new destination service for existing customers, while products such as cash cards, prepaid wireless airtime and phone cards attract new segments for banks, including the young, under-banked or unbanked.
"Coinstar's Gift Card Mall and our prepaid product portfolio is a step up from what exists for the banking industry today," said Steve Verleye, Coinstar Senior Vice President and General Manager, E-Pay. "After examining current solutions available to banks and other retailers, we developed a modern program that creates opportunity for financial institutions - a turnkey solution to improve customer service and drive incremental traffic, sales and profit."
Coinstar delivers a unique category management program that includes inventory control, management of card sourcing, display design and merchandising and technology integration for point-of-sale. Coinstar's gift card portfolio includes regional and national retail branded gift cards as well as gift cards from online retailers. The company also offers self- service prepaid and coin counting kiosks, POSA and host-to-host point-of-sale solutions tailored to fit each retail situation.
Sznewajs, West Coast Bank President and CEO, is a member of the Coinstar board of directors.